Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

American Silver Eagle Sales Break Record

  by    0   0

US Mint set a new record for American Silver Eagle bullion coins this year.

The mint sold over 44,850,000 ounces of American Silver Eagles, topping the previous record of 44,006,000 ounces set last year. Analysts expect the final sales total for 2015 to come in between 45 and 47 million ounces.

silvereagle

That total could have climbed even higher were it not for persistent shortages that forced the mint to put the coins on allocations several times this year. Last July, the US Mint completely sold out of Silver Eagles, as the Greek crisis and accompanying economic uncertainty helped drive a spike in sales over the summer.

The sales record continues an ongoing trend of steadily increasing demand for American Silver Eagles since the 2007 financial crisis, according to Newsmax:

Since 2007, American Eagle silver bullion coin sales have increased every year.  It began setting new historical records in 2008 after selling 19,583,500 ounces, surpassing the prior record of 10,475,500 ounces set in 2002.”

American Silver Eagle sales have followed generally robust demand for silver globally, and the US Mint isn’t alone in setting records. The sale of Royal Canadian Mint’s Silver Maple Leaf bullion coins will likely exceed 30 million ounces this year, setting a new record.

Globally, silver bullion coin sales hit record highs in the third quarter of 2015, totaling 32.9 million ounces. That represents a 95% year-on-year increase. A summary of the market review notes North American sales jumped an even more robust 103%.

Meanwhile, China continues on a record silver-buying pace. Based on the current trend, Chinese silver imports will top 3,000 tons in 2016, making it the best year since 2011.

According to Newsmax, tomorrow is the last day the US Mint will produce 2015-dated coins, and sales will end next week:

The last sales of 2015 silver bullion coins will be on Monday, December 14, 2015.  Because demand exceeds supply, the United States Mint will allocate the remaining inventory.  Then 2016 dated coins will begin production and inventories built to prepare for new sales beginning on January 11, 2016.”

Strong demand for silver is running up against tight supply, and analysts expect this year to mark the third straight annual silver deficit. Flat mine production coupled with the demand-spike for silver coins are among the factors figuring prominently in the predicted physical deficit.

SchiffGoldSilverReport590

Get Peter Schiff’s latest gold market analysis – click here for a free subscription to his exclusive monthly Gold Videocast.
Interested in learning more about physical gold and silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!


Related Posts

West Virginia Legislature Approves Measure to Repeal Sales Tax on Gold and Silver Bullion

The West Virginia legislature has approved a bill that would take an important first step towards treating gold and silver like money instead of a commodity by repealing sales and use taxes on bullion. Related

READ MORE →

Consumer Debt Breaks Yet Another Record in January

Total consumer debt broke another record in January, according to the latest report by the Federal Reserve. Borrowing increased by $17.05 billion in the first month of 2019. The increase pushed overall consumer borrowing to a new $4.03 trillion record. That compares with $3.84 trillion in January 2018. That represents a 5.1% annual increase. Related

READ MORE →

China Increases Official Gold Reserves for Third Straight Month as Anti-Dollar Push Continues

the country of china shown on a globeChina added to its official gold reserves for the third straight month in February as the country continues efforts to minimize its exposure to the US dollar. The People’s Bank of China added 10 tons of gold to its horde last month. It has accumulated an additional 32 tons of the yellow metal since the […]

READ MORE →

Powell Pause for the Masses: Fed Chair Talks to 60 Minutes

Federal Reserve Chairman Jerome Powell took his dovish message to the masses during a recent 60 Minutes interview. Powell continued to talk about “patience” and reiterated that the Fed “does not feel any hurry” to push rates any higher. He also said the interest rate is “roughly neutral” at this point, calling the current 2.25-2.5% […]

READ MORE →

Modern Monetary Theory and the Green New Deal: A Match Made in Hell?

How will America pay for Alexandria Ocasio-Cortez’s Green New Deal? After all, as Peter Schiff said a few weeks ago, you can’t print wealth. But there is a growing number of people who seem to believe you actually can – at least indirectly. And they have an economic theory they claim backs them up. It’s […]

READ MORE →

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Call Now